Stocks increased their gains on Thursday afternoon after all three major indices suffered a deep rout a day earlier Investors digested a record third quarter GDP surge after an historic drop earlier this year, and another weekly jobless claims report that turned out to be better than expected Many business results are also looming
The Dow Jones S&P 500 rose sharply around 2:30 p.m. ET, the former adding more than 2% as tech stocks advanced The Dow Jones gained more than 340 points, or 13%, after closing down 943 points , or 34%, Wednesday for its worst drop in a single session since June
The Nasdaq outperformed Thursday to recoup Wednesday’s losses, when tech stocks slumped after US senators asked CEOs of Facebook (FB), Twitter (TWTR) and Alphabet (GOOG, GOOGL) about the practices of corporate content moderation at a hearing Each of these companies, along with comparable Big Tech companies Amazon (AMZN) and Apple (AAPL), are expected to release quarterly results after market close on Thursday
Traders around the world have adopted a risky mood this week, with restrictions escalating in Europe to try to curb an increase in coronavirus cases, boosting volatility The CBOE Volatility Index (^ VIX) climbed to over 40 in Wednesday’s session for the highest level in over four months, and it stood at around 39 on Thursday morning
France and Germany have announced new lockdowns spanning roughly next month, although restrictions ended ahead of draconian measures announced earlier during the spring pandemic In the US, the seven-day moving average of daily new virus cases rose to a record 70,000 on Tuesday, according to data compiled by the Washington PostAnd on the vaccine front, Dr Anthony Fauci, the world’s leading disease expert infectious disease, said he believed it would take at least until January for the US Food and Drug Administration to clear COVID-19 inoculation
Some analysts, however, saw the latest pullback as an inevitable time for stock prices to come back down to earth, given the strong rally earlier in the summer, as hold orders fell. first attenuated
« The markets were very bullish: that the pandemic was under control, that the economy was recovering, and that things would return to something almost normal in 2021 (and maybe not at the end of 2021, but earlier), ”said Brad McMillan, Commonwealth Financial Network investment director on Wednesday. « These assumptions were still optimistic, however, and what we are seeing now is a reality-based reassessment As such, this drop is both necessary and healthy Markets should reflect the most likely future path, not the most optimistic, and that’s where we’re headed «
All three major indices held higher in intraday trading on Thursday, led by tech stocks ahead of their results after the market closed The Nasdaq gained more than 15%
The Dow added 03%, or 73 points, with the Apple component rising nearly 4% intraday The S&P 500 rose nearly 1%, or 32 points, as the communications services and technology sectors the information that each has outperformed
Pending home sales fell unexpectedly in September after four consecutive monthly gains, according to the National Association of Realtors monthly report on Thursday The Northeast was the only major region to post a monthly increase in pending sales
« The demand to buy a home remains very strong, even with a slight monthly decline in September, and we are still likely to end the year with more homes sold overall in 2020 than in 2019, « Lawrence Yun, chief economist of NAR, said in a statement » With persistently low mortgage rates and some continued recovery in employment, more contract signings are expected in the near future. »
Newly released government data on Thursday showed third-quarter economic activity increased at a record pace, following a record decline in the second quarter New jobless claims have also improved more than expected last week
Third-quarter GDP grew to an all-time high of 33Annualized rate of 1%, following a 314% drop in the second quarter The rise was driven by a more than 40% jump in personal consumption, as consumer spending resumed following keep orders in place Yet the overall production level in the US economy has remained below pre-pandemic levels
New weekly jobless claims stood at 751,000 for the week ended October 24, or better than expected 770,000 In the previous week, new claims were revised up to 791,000 Continuing unemployment claims were also better than expected at 7 years 756 million against the 7,775 million forecast and revised to the increase the previous week 8465 million
Kellogg released third-quarter results that beat estimates, with adjusted earnings per share of 91 cents on reported net sales of $ 3.34 billion better than 86 cents on revenue of $ 3.4 billions planned
The company raised its full-year forecast again on Thursday morning and said it expects organic net sales growth of 6% this year, a full percentage point ahead of previous forecast The company is also expected to increase its operating profit by 2% from last year, compared to previous forecasts of a 1% decline.
« As the COVID-19 pandemic continued through the third quarter, demand for packaged food for home consumption remained high, although moderate from the previous quarter, » Kellogg said in his press release Thursday morning « This once again led to increased sales of the Company’s products in retail channels, which, combined with strong growth in emerging markets, more than offset the decline in food sold in out-of-home channels. »
Net sales increased in each of the Asia Pacific, Middle East and Africa (AMEA) regions and Europe, while decreasing in Latin America during the quarter Net sales in North America were roughly stable in Q3, although organic sales increased for cereals, snacks and frozen foods
Kraft Heinz (KHC) delivered faster-than-expected organic revenue growth in the third quarter and earnings that exceeded expectations, thanks to a continued trend of eating at home during the pandemic
Organic revenue rose 63% in the third quarter after falling more than 1% in the same period last year Consensus analysts were looking for a 47% increase, according to Bloomberg data
Adjusted profit stood at 70 cents per share on net sales of $ 644 billion as revenue increased 6% Both metrics were better than expected as analysts looked for 62 cents profit per share on sales of $ 6$ 33 billion The biggest sales jump came from the US – by far the company’s largest market – where net sales increased 74% International sales increased 39%
Kraft Heinz has also raised its full-year outlook and forecasts mid single-digit organic net sales growth in 2020 and high single-digit Adjusted EBITDA growth for 2020
Comcast (CMCSA) released third quarter results that exceeded past estimates, due to an increase in the number of broadband Internet customers These increased to a record 633,000 during the quarter, a 67% increase from last year, with the figure well above the expected 527,450, according to Bloomberg data
Adjusted earnings of 65 cents per share in Q3 on $ 25 billion in revenue 53 billion were each better than 51 cents a share on $ 24 billion in revenue forecast 73 billion Top figure represents a decline by almost 5% compared to last year
Streaming has also been strong for Comcast, with its new service Peacock having 22 million subscriptions in the third quarter, up from 10 million at the end of June. Comcast said in January that it expected Peacock to reach up to 35 million consumers and break even by 2024.
Theme parks have been Comcast’s weak spot this quarter As with Disney, theme park closures and open park attendance caps dampened revenue, and the division saw sales fall by 81 % in the third trimester Films also suffered from a film release delay, and Comcast’s film entertainment business unit saw sales drop 25%
Watch Helen Mirren and Sarah Cooper recreate Trump’s infamous ‘Access Hollywood’ tape on Cooper’s Netflix special ‘Everything’s Fine’
Travis Roy, Boston University hockey player who was paralyzed 11 seconds after his first game and became a motivational speaker and advocate for people with disabilities, has passed away The UB’s sports department has confirmed his death in a statement posted on Facebook « It is with heavy hearts that we mourn the death of Travis Roy, » the school said
More than 600 dogs and cats have crossed the Pacific Ocean from crowded shelters in Hawaii to Washington, Oregon, Idaho and Montana, where there is more space for them to wait for adoption – a charity that organizers say is the biggest pet rescue flight The rescue flight was necessary as the coronavirus pandemic led to overcrowding in Hawaii’s pet shelters « Lots of kittens, » said Douglas Carroll, spokesperson for the Hawaii Emergency Management Agency, who helped coordinate the efforts
The latest numbers of confirmed COVID-19 cases in Canada at 6:16 pm EDT on Oct 29, 2020:
There are 228,540 confirmed cases in Canada
_ Quebec: 103,844 confirmed (including 6,214 deaths, 88,442 resolved)
_ Ontario: 73,819 confirmed (including 3,118 deaths, 63,123 resolved)
_ Alberta: 27,042 confirmed (including 318 deaths, 21,803 resolved)
_ British Columbia: 14,109 confirmed (including 262 deaths, 11,449 resolved)
_ Manitoba: 4,894 confirmed (including 62 deaths, 2,423 resolved)
_ Saskatchewan: 2,990 confirmed (including 25 deaths, 2,258 resolved)
_ Nova Scotia: 1,102 confirmed (including 65 deaths, 1,033 resolved)
_ New Brunswick: 341 confirmed (including 6 deaths, 294 resolved)
_ Newfoundland and Labrador: 291 confirmed (including 4 deaths, 282 resolved)
_ Prince Edward Island: 64 confirmed (of which 63 resolved)
_ Yukon: 22 confirmed (including 17 resolved)
_ Repatriated Canadians: 13 confirmed (including 13 resolved)
_ Northwest Territories: 9 confirmed (including 8 resolved)
_ Nunavut: no confirmed case
_ Total: 228540 (0 presumption, 228540 confirmed including 10,073 deaths, 191208 resolved)
This report from The Canadian Press was first published on October 29, 2020
The Canadian Press
Vancouver, British Columbia – (Newsfile Corp – October 29, 2020) – BMGB Capital Corp (TSXV: BMGBP) (“BMGB” or the “Company”) is pleased to announce that it has entered into a letter of amended and updated binding intention (the “ACT”) dated October 28, 2020, regarding the proposed acquisition by BMGB of NAVCO Pharmaceuticals Limited (“NAVCO”) (the “transaction”) The ACT amends and reiterates letter d ‘binding intent regarding the transaction that was previously entered into by
St Andrews, Scotland and Tainan, Taiwan – (Newsfile Corp – October 29, 2020) – Ceres Holographics, an innovative developer of thin film holographic (HOE) optical elements for transparent display (TD) and digital display solutions Next Generation Augmented Reality Head-Up Display (AR-HUD), today announced a partnership with lighting and projector expert TQ Technology to develop projection systems to illuminate its display solutions The partnership leverages of the vast experience of TQ Technology in collaboration with
Democrat fights to overthrow President Donald Trump’s Republican ally as party hopes to overthrow Senate
Royal Caribbean Group on Thursday announced its third 10-digit loss of the year as cruises in the US – its largest market – remain canceled
The Kentucky Supreme Court on Thursday upheld a nearly $ 600,000 sentence against Sen.Rand Paul’s former neighbor, who attacked lawmakers in 2017 over a lawn care dispute, the Lexington reported Herald-Leader René Boucher had asked the High Court to review the sentence but the court refused in an order issued Thursday Boucher was living next to Paul in Bowling Green at the time of the attack
NDP Leader Ryan Meili’s opponent conceded Saskatoon Meewasin Saskatchewan Party candidate Rylund Hunter said he called Meili Thursday afternoon to congratulate him Meili leads by 209 votes, but no less 591 mail-in ballots could still come in and be counted in November Sept. The CBC’s decision-making office now projects Meili to win, after the HunterHunter concession said those mail-in ballots likely would not fill the « gap » to which he is faced with « I think there is no need to keep him at work until seventh » Hunter said that he and Meili shared a mutual respect « I respect and certainly appreciate his drive and willingness to serve the community and he returned the favor, « Hunter said Meili’s victory would break the streak of two back-to-back NDP leaders losing their campaign offers Wednesday, before Elections Saskatchewan hewan did not release the latest postal results, Meili declared victory in Saskatoon Meewasin On Thursday, the NDP added a seat at the University of Regina when NDP challenger Aleana Young took the victory over Sask Tina Beaudry-Mellor, holder of the party, projects of the decision-making office of the CES In the state, Sask The party is expected to have elected 46 members out of 13 in the NDP The Saskatchewan Party leads in Saskatoon Riversdale and Regina Pasqua with more postal votes to count None of the New Democrats did not concede in these races
Equity futures traded lower Thursday night to give back some gains after the three major indexes rallied in the regular session
Wisconsin says number of active COVID-19 cases in soccer program rose to 16 Thursday morning This news comes a day after Wisconsin announced it was canceling its scheduled game in Nebraska on Saturday due to the number of players and employees who had tested positive Fifteen of the football program’s positive COVID-19 test results have come since Saturday, the day after the Badgers’ 45-7 win, ranked ninth, in the season opener against Illinois
Big tech firms add $ 163 billion to market value despite Covid and legal scrutiny Google, Facebook and Amazon rally in third quarter earnings reports
BioNTech (NASDAQ: BNTX), a hitherto little-known biotechnology that has become a leading stockpile of coronaviruses, is well positioned to increase by 40% BioNTech has established itself thanks to its collaboration with the global giant of pharmaceutical industry Pfizer No coronavirus vaccine candidate has passed a series of clinical trials to be approved by a major regulatory body
Revlon, Inc. (NYSE: REV) today announced that Revlon Consumer Products Corporation, its direct wholly owned operating subsidiary (the “Company”), has entered into an agreement with an ad hoc group of holders (the “ Holders of the Offer ”) of the 575% Senior Notes due 2021 (the“ Notes ”) to participate in the Exchange Offer and the Company’s Consent Solicitation (the“ Exchange Offer « ) By depositing their tickets and providing the corresponding consents Bidders are represented by Stroock & Stroock & Lavan LLP and Greenhill & Co LLC This announcement is made within the framework of the company’s already announced and ongoing offer to exchange all of the Company’s total $ 342,785,000 in aggregate principal amount of Notes outstanding for (i) cash consideration or (ii) mixed consideration, in each case as described in the Amended and Restated Offering Memorandum and the declaration of demand Notice of Consent (the “Offering Memorandum”), dated October 23, 2020
Best Buy unveiled its Black Friday ad earlier than ever with many offers available early, including discounts on TVs and electronics
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News from the world – United States – Stock news live: Stocks recover losses after sales, technology drives indexes up
